Payout is the process of transferring your Speed balance to an external wallet of your choice, whether it's your own wallet or someone else's.
Currently, Speed only supports on-chain payouts, but we're also planning to include Lightning payouts in the near future. The Lightning payouts feature is currently on our development roadmap.
At the moment, you'll need to manually submit a payout request to your on-chain wallet. However, we plan to introduce a feature that allows you to schedule your payouts automatically.
Please note that for on-chain payouts, there's a minimum withdrawal amount of 0.05 btc due to the high on-chain transaction fee and settlement timing. With the upcoming Lightning payout feature, there won't be any minimum payout amount, but there will be a maximum limit of 1 btc per withdrawal transaction.
Here's a step-by-step guide on how to create an on-chain payout in Speed:
Step 1 - Before submitting a payout request, you need to add your payout wallet address in Settings > Payout Wallets. It's crucial to double-check this on-chain address because transactions cannot be reversed once submitted.
Step 2 - Once the payout wallet is added and verified, you can create a payout request from the "Payout" feature.
Step 3 - Our team will work on processing your payout request and transferring the amount to your selected wallet. It will take 24hours for you to receive amount in your requested wallet.
Please note that the process of sending bitcoin payouts involves network fees, which will be deducted from your wallet balance. These fees may vary depending on the transaction's size and the current state of the bitcoin network.
When it comes to payout requests, there are multiple statuses to keep in mind throughout its lifetime:
- Initially, when a payout request is created, its status is set to
- Once the payout request is approved by our Speed admin team, it is marked as
- When the payout amount is transferred to the user's wallet by the Speed admin team, the payout status is updated to
- In rare cases where the admin team rejects the payout request due to any reason, it will be marked as
Holdtemporarily. If your payout request is marked as
Hold, please contact our Speed support team for further assistance.
Updated 4 months ago